When starting a business, required filings with the government are the first hurdle that has to be cleared. However, for your business to be truly successful and secure over the long term, it’s vital that you also make and maintain the appropriate governing documents. Though some sources will call these documents “optional” because they are not strictly required by law, the reality is that they are anything but.

Why are they important? Simply put, having these documents allows you to stop the kinds of disputes that often derail businesses before they start. By clearing up misunderstandings and establishing clear policies from the beginning, you can help ensure your organization’s longevity. As circumstances change over time, this can help you from being among the roughly two-thirds of businesses that disappear in under ten years.

So what does your business need?

If you’re a corporation, things are more complex. You will need a Shareholders’ Agreement (to establish the rights and relationships between owners), Bylaws (to establish rules for how the company will run), and Resolutions (to establish additional rules or modify existing ones).
If you’re an LLC, you will need an Operating Agreement to accomplish the goals of protecting rights and establishing rules that corporations need two documents to accomplish.

If you’re a partnership, you will need a Partnership Agreement, a document very similar to an Operating Agreement, but also includes specialized issues that affect partnerships in particular.

At Garrett, Walker & Aycoth our passion is to help you succeed by equipping you with more than just a shiny new entity. We have the legal knowledge, business wisdom, and drafting skill to help you craft documents that will be ideal for your organization and its unique circumstances.

Call us today at (336) 379-0539 to schedule a free, in-depth consultation.